Turpentine Market: Outlook

Various application areas utilize turpentine, also called spirit of turpentine or oil of turpentine, as a solvent and in organic synthesis, most notably in visual arts and industries. Among a number of element or compound that turpentine can dissolve sulfur, resins, phosphorus, waxes, natural rubber, and oils. Most prominently, turpentine is used as a solvent for paints and varnishes. Worldwide production of turpentine is estimated to surpass 250,000 tons—it exceeds that of any other essential oil by a large margin. The chemical industry is one of the major industries in the turpentine market, using turpentine as has been using it in the synthesis of spectrum of commercially useful materials. These include resins, oil additives, synthetic pine oil, camphor, and insecticides.

Key application areas comprise the pigment, industrial, and medical industries. Over the years, some niche application areas have also emerged, thereby contributing to the elements of the growth dynamics of the turpentine market. For instance, those with high α-pinene content are harnessed for niche applications in developed markets. The principal sources of turpentine are P. yunnanensis, P. latteri, P. tabulaeformis, and P. elliotti.

Are you a start-up willing to make it big in business? Grab an exclusive PDF Brochure for this report!

Turpentine Market: Competitive Analysis and Key Developments

Over the years, the turpentine market players have benefitted from its use in making isolated chemical compounds, which could be converted into a variety of products. Rise in application of turpentine as a solvent for numerous industrial manufacturing processes is bolstering the sales in the turpentine market. A growing body of research has seen the potential of turpentine in antibacterial activity. Growing popularity of turpentine oil as medicinal elixir is a key trend bolstering the market’s growth. Moreover, a variety of formulations that are used for therapeutic applications drive the expansion of the turpentine oil. Rectified white turpentine is also used in root canal treatment for removing gutta-percha.

However, turpentine substitutes that are distilled from crude oil serve to gain preference as solvent for several of industrial processes, thereby restraining the prospects of the turpentine market.

Some of the top players exploring high shares in the turpentine market are Harima Chemicals, Recochem, E.E.Zimmerman, PT. Naval Overseas, Foreverest Resources, and Eastman Chemical Company.  

Turpentine Market: Key Trends

Producers, end-use industries, and manufacturers in the turpentine market are benefitting from the application of the compound in the synthesis of a wide range of commercially important chemicals such as resins and oil additives. Strides made in plastic manufacturing in various parts of the world have spurred the demand for turpentine. The turpentine market has also seen significant revenue potential in players looking to leverage these chemicals in animal studies, such as triggering a systemic inflammatory immune response in them.

Over the years, turpentine market has gained attention of people for internal home remedies in alternative medicine system. Sales of turpentine have also gathered strength due to advances in cannabis pharmacology. Stakeholders in the turpentine market are seeing new revenue potential on the back of new production processes that help vendors to offer good quality turpentine oils. Further, advancements in fractional distillation of turpentine are boosting the market. The prospects of the turpentine market are also benefitting from advances made in endodontics related to root canal filling. Strides being made by fragrance production and consumption are boosting the market.

Turpentine Market: Regional Analysis

The key regional markets for turpentine are North America, Europe, Asia Pacific, the Middle East, and Africa. Of these, North America and Asia Pacific have emerged as lucrative markets. Asian economies have offered players substantial opportunities in utilizing turpentine in synthetic fragrance chemicals. North America has seen extensive research in the modification of bioactivity of turpentine.

Want to get scrutiny of strategic landscape and boost your competitive edge, Request a sample of Turpentine Market!

This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

  • Customer Experience Maps
  • Insights and Tools based on data-driven research
  • Actionable Results to meet all the business priorities
  • Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

2. Insights and Tools

The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.

3. Actionable Results

The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

Custom Market Research Services

TMR offers custom market research services that help clients to get information on their business scenario required where syndicated solutions are not enough.

REQUEST CUSTOMIZATION

Turpentine Market

Pre Book